PENN terminates ESPN BET deal, posts Q3 net loss of $865M; new $750M buyback authorized

PENN Entertainment, Inc.

Q3 net loss $865.1M ($6.03 diluted loss); revenue $1.72B (+5% YoY); Adj EBITDA $194.9M.
PENN and ESPN mutually terminate OSB agreement effective Dec 1, 2025; PENN pays $38.1M in Q4 plus $5M for media.
ESPN retains vested warrants for 7.96M shares at $28.95; all unvested and performance warrants forfeited.
PENN to rebrand sportsbook to theScore Bet; realigns digital focus on iCasino and Canadian operations.
Board approved new $750M share repurchase program for Jan 1, 2026 – Dec 31, 2028.

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